Clarification with respect to assessment of Startup Companies involving application of section 56(2) (viib) of the Income-tax Act, 1961

Clarification with respect to assessment of Startup Companies involving application of section 56(2) (viib) of the Income-tax Act, 1961 https://www.taxtmi.com/circulars?id=62148 The circular instructs that where a DPIIT recognized startup is selected under limited scrutiny solely on applicability of section 56(2)(viib), Assessing Officers shall not verify that issue and shall accept the startup's contention; where such recognition exists but scrutiny includes other issues, clause (viib) shall not be pursued and other inquiries may proceed only after supervisory approval; for unrecognized startups, verification on clause (viib) or other issues requires supervisory approval and adherence to due procedure under the Income tax Act. en-us Wed, 07 Aug 2019 00:00:00 +0530 Mon, 12 Aug 2019 10:48:00 +0530 TaxTMI RSS Generator Clarification with respect to assessment of Startup Companies involving application of section 56(2) (viib) of the Income-tax Act, 1961 https://www.taxtmi.com/circulars?id=62148 The circular instructs that where a DPIIT recognized startup is selected under limited scrutiny solely on applicability of section 56(2)(viib), Assessing Officers shall not verify that issue and shall accept the startup's contention; where such recognition exists but scrutiny includes other issues, clause (viib) shall not be pursued and other inquiries may proceed only after supervisory approval; for unrecognized startups, verification on clause (viib) or other issues requires supervisory approval and adherence to due procedure under the Income tax Act. Circulars Income Tax Wed, 07 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/circulars?id=62148